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How will the new Power Down cycle effect people already Powering Down? by stealthtrader

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powerdown · @stealthtrader · (edited)
$9.17
How will the new Power Down cycle effect people already Powering Down?
https://media2.giphy.com/media/FhmicGUt1f1Ju/200.gif#54
<h3>Power Down cycle is changing</h3> The Power Down cycle is changing from 2 years to 3 months.

Dan has listed these changes here https://steemit.com/steem/@dantheman/steem-economic-changes-update but he does not necessarily mention the changes to the Power Down cycle in the post..

However if you check here https://github.com/steemit/steem/issues/551 he says
>Reducing the Steem Power holding period to a minimum of three months.  

So maybe I am confused, but how will this effect the people who are already "Powering Down" and the time already spent previously Powering Down? 

Will everyone's Power Down cycle reset to 3 months?

Or will the time already spent be considered and factored in automatically when it is changed?

If anyone has any more information on how this will work will you please comment below.. Thanks for taking the time to check out my post!
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vote details (152)
@etcmike · 
Great questions that I am sure many people aware of the coming change to the Power Down option are asking.

Thank for raising this question!  I will cross-link this post to a recent witness update by @clayop.

Steem on,
Mike
👍  
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vote details (1)
@stealthtrader · 
Awesome thanks!
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@juanmiguelsalas · 
Good question indeed! Upped and Re-steemed
👍  
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vote details (1)
@justtryme90 · 
So ... Stop your power down after the hardfork and restart it. This will ensure you are powering down at the new rate. Why is this an issue? :) Sounds like an easy fix to ensure everything is working as it should.
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@stealthtrader · (edited)
I'm not concerned with whether or not it will automatically switch to 3 months.. 

My question is about the people who have already been paid out some and are months into a Power Down already, and let's say they are a third of the way Powered Down.. Would they still continue with only having 2/3rd the time left? (Which would be 2 months left)

Or would it reset them and everyone would be Powering Down from scratch at a full 3 months..
It's not an issue I am just wondering how this will factor in, because it wasn't explained.
👍  
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vote details (1)
@karenb54 · 
Think we need to know more about this, :)
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vote details (2)
@nanzo-scoop · (edited)
$0.07
It sounds to me like you're misunderstanding how the power down works.

The "two year" power down simply means that you can withdraw 1/104 of your SP holdings per week.

The "three month" power down will mean you can withdraw 1/12 (I suspect) of your SP holding per week.

You are neither in a two year nor a three month "cycle". You are withdrawing a portion of your SP (whatever that may be) on a week by week basis.
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vote details (6)
@applecrisp · (edited)
I agree with nanzo-scoop. I think instead of 1/104 payment, it'll change to a 1/13 (52 weeks/4) payment.  

Another related change is the decrease in the inflation rate in the system. Right now according to @smooth's estimation the Steem Power inflation is 160% yearly - it got moved down to 1.425% yearly for Steem Power holders (the overall inflation rate in the system was moved down to 9.5% per year and of that new rate, 15 percent of that 9.5% goes to Steem Power holders).
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@stealthtrader · 
I understand how it works, and I guess if that IS the case then the answer would be yes everyone would reset and still have to wait a full 3 months regardless of how long they were Powering Down previously.
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@the.masses · 
![like](https://i.imgflip.com/2/mkovb.jpg)
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